Norwegian energy major Equinor has recorded a $995m impairment on its US offshore wind ventures, regardless of US president Donald Trump allowing the construction of the $5bn Empire Wind project to restart.
Equinor said that the write-down was due to the removal of key investment tax credits for new renewable developments and growing uncertainty over the future of its South Brooklyn Marine Terminal facility.
Namely, a $763m hit was due to the 810MW Empire Wind 1 and the South Brooklyn Marine Terminal, while another charge of $192m was due to the lease area for Empire Wind 2.
Empire Wind faced additional headwinds earlier this year when Interior Secretary Doug Burgum issued a stop-work order in April 2025, acting on president Trump’s campaign promise to block all offshore wind projects. Construction was allowed to resume in May.
Furthermore, rising tariffs added roughly $300m to Empire Wind’s overall expenses. Following the impairment, the book value of Empire Wind now stands at $2.3bn. The second phase of the project is currently on hold amid the loss of tax incentives and ongoing political opposition.
Another issue is the fact that Equinor believed that the investment in the South Brooklyn terminal would be paid for by two projects constructed by other developers. According to the company, that seems highly unlikely at this point.
“Reduced expected synergies from future offshore wind projects resulting from regulatory changes and increased exposure to tariffs impacted the project economics negatively in the second quarter of 2025,” the company explained.
Equinor CEO Torgrim Reitan said that the company’s assumptions about the US offshore wind market had shifted significantly following policy changes under the current Trump administration, particularly regarding tax credits for new developments being taken away.
